The application of Solow's growth theory to the explanation of the slowdown in productivity growth in the United States suggests that the slowdown is primarily caused by
A) reduced growth in the capital stock per hour of work.
B) reduced growth in the technical change or total factor productivity.
C) slow residual growth of the capital stock.
D) ignorance since people save and invest less.
B
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Gross domestic product is a measure of
A. the size of the largest industry in an economy. B. the money value of all final goods and services produced in a year by the economy. C. the volume of goods and services, which involved in international trade. D. the goods and services produced strictly by corporations. E. the nonmarket production of goods and services.
Suppose your utility function for food (F) and clothing (C) is u(F,C) = F + 4C. If you reduce your clothing consumption by 2 units, how much do you have to increase your food consumption in order to maintain the same utility level?
A) 2 units B) 4 units C) 6 units D) 8 units
Using only marginal revenue and marginal cost, we can determine whether a firm is incurring a profit or a loss.
Answer the following statement true (T) or false (F)
Suppose that for Jason the marginal utility of $50-per-serving caviar is 100 and the marginal utility of $1-per-serving popcorn is 10 . For his snack, Jason should buy
a. the caviar if he has the $50; otherwise the popcorn b. the caviar if he has the $50; otherwise nothing c. the popcorn, whether he has the $50 or not d. one serving each of the caviar and popcorn, if he has $51 e. five servings of popcorn for each serving of caviar